Thank you very much, Ms. Clayton.
Thank you very much to our witnesses today. Those were very insightful introductory remarks and I know we'll have many good questions for you.
I'll just remind everyone once again that in the course of a dialogue please wait for that delay or expect that the delay is happening. If you have a cellphone on you or near any of the equipment used in this, it may interfere with it, so I would ask you just to move your phones away from the equipment or turn them off.
We'll begin our first round of questions for seven minutes. We go to Mr. Massé from the Liberal Party.